Question
Stacie's Shoes uses the FIFO retail inventory method to determine its ending inventory. The accounting records for Stacie's Shoes contained the following information: Cost Retail
Stacie's Shoes uses the FIFO retail inventory method to determine its ending inventory. The accounting records for Stacie's Shoes contained the following information:
| Cost | Retail | |
| Purchases | $242,000 | $348,830 |
| Sales | 394,000 | |
| Sales returns | 5,076 | |
| Beginning inventory | 60,500 | 107,294 |
| Net markups | 32,800 | |
| Net markdowns | 12,000 |
The freight-in charges for the merchandise were $7,500. What is the cost of ending inventory for Stacie's Shoes? $61,281.
Can someone help me with the work to this problem?
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Accounting
Authors: Carl s. warren, James m. reeve, Philip e. fess
21st Edition
978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004
